How do American billionaires avoid paying taxes? | WION Originals

Warren Buffet paid an 18% tax rate in 2007, while his secretary paid a 33% rate. In 2007, 2011, and 2018, Jeff Bezos and Elon Musk paid a total of $0 in income taxes. Every year, billionaires in the United States save $160 billion in taxes. How is it possible to be a billionaire while paying so little in taxes?

#Billionaires #Taxes #WIONOriginals

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[jwarmstrong]

Congressmen write laws for themselves & sometimes other rich people get to use them

[teresaareces]

And we, poor people living pay to pay have been doing if faithfully - what a crime !!!

[exploreroftheworld]

The real question is why is ANY citizen of the US paying a tax on their pay?? It's unconstitutional and the income tax is a excise tax of Govt workers NOT the general public....

[PrimericanIdol]

Replace the word "billionaires" with "oligarchs" in the title. There. Fixed it for you.

[Niranjan_Desai]

And nobody is talking about how they are making money? By creating monopoly, too big to fail, converting lawmakers into lobbyist, killing small businesses and lot more.

[areuaware]

"...From whom do the kings collect taxes? The sons of kings or the strangers?"

[willhart]

On this issue Musk is on par with Russian oligarchs and so are the others and Buffet knows it.

[atul]

How can you consider unrealised capital gains as income ? This video is misleading. In India LTCG was nil and now only 10%. Big industrialists hold huge quantity of shares of their own company. If you treat unrealised capital gain as income, their taxation will be only single digit %. This theory is nonsense.

[christiansantiago]

It's tax avoidance and it's perfectly legal. It's totally different from tax evasion.

[narenderchaudhary]

System is built by these powerful people to serve themselves.

[dendradwar]

If a big recession hits .. then look out for broken glass .. this will be warning before the billionaire who just threw themselves out the window hits the ground .. I kid you not .. there are a LOT of billionaires who are leveraged to the hilt .. would not take much to flip them into bankruptcy

[dilligafwoftam]

By using the govts laws. ... why aren't you?

[truecanadian]

This is true for the wealthy people around the world not just in the USA. Even India .... Tax them too much and they just up and leave just like wealthy Brits did in the 70s and 80s. Over Overtax their companies and they will recognize their profits in offshore subsidiaries in countries that have more favourable tax rates. Wouldn't you

[antoniossymeonakis]

tax pay the workers, the poor, the weak, big companies do not pay tax they enjoy the benefit from other's tax

[jayantsingh]

I'm so sorry for simple/middle class citizens of USA.
My sympathy for them. 😁

[thebell]

I know how businessmen from India escape paying taxes in USA.

[theshadedshadow]

Your willingness to do so is what gives them their power. Imagine if Enough people changed their W2 where the government takes no taxes out of your checks.

[shubhamsarawagi]

It is technically an incorrect claim because their income through their companies are taxed in the hands of the companies. Only the double taxation in the hands of the stakeholders of the company is not being taxed until they withdraw. If they have any income other than the company's income, it is taxed exactly the way a salaried person is taxed. Hence all of the income of the billionaires are atleast once tax suffered.

[davidchristensen]

What your missing is most anyone can use this method if they chose too. Anyone can run their business anyway they want as long as it is with in the law.

[IDLExHANDS]

Just pass laws that state if you can afford an item, then you can't borrow money to purchase that item. Close the loophole, but politicians use the same method as billionaires but on a much smaller scale.